Special Offer: Salem Communications (SALM) is up 112% since Editor Marc Gerstein recommended it to his subscribers in February.

FORBES: Time To Belly Up For Another Round Of Boston Beer

But when prospective sellers, including German Prince Michael zu Salm-Salm, checked, they learned Shapiro had no operations, no cash reserves and a pool of private stock of unpersuasive value, says Bowthorpe.

FORBES: Corkscrewed